Students) HYDERABAD BRANCH OF SICASA - …hydsicasa.org/wp-content/uploads/2018/02/December-2017.pdf · CCFP addresses more experienced cyber forensic professionals who already have

DECEMBER, 2017 SICASA Hyderabad

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n

Students)

Southern India Chartered Accountant Students Association (A legally formed Association for the benefit of CA students) TO THE STUDENTS BY THE STUDENTS FOR THE STUDENTS

REACH US: /hydsicasa.org /[email protected] /sicasahyd /SICASAhyd /sicasa_hyd

HYDERABAD BRANCH OF SICASA

(E- News letter)


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SICASA HYDERABAD 2017-18

Editorial Board

CA. PANKAJ TRIVEDI

CHAIRMAN, SICASA

SIDDHARTHA C

MANAGING COMMITTEE MEMBER

REVANTH CHOWDARY


ANUHYA MANDAVA


TAFAZZUL IBADULLAH


KALYAN ASTAKALA


SRI KRISHNA CHAITANYA


Office:

11-5-398/C, ICAI Bhawan,

Red Hills, Hyderabad

Telangana-500 004.

Phone: +91-40-23393182 & 23393200

Email Id: [email protected]

Website: http://hydsicasa.org/

INSIDE DECEMBER

03. Message – Chairman

04. Article

08. Announcements

09. Upcoming events

13. Glimpses

When things do not go your

way, remember that every

challenge, every adversity

contains within it the seeds

of opportunity and growth.

– Anonyms

CONTENTS

http://hydsicasa.org/


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Dear Members of SICASA Hyderabad

Greetings to all,

At the outset I along with my Team SICASA Hyderabad members are very happy to inform you that the sports

activities being conducted by SICASA Hyderabad have evoked tremendous response and the fighting spirit being

shown by participants should be seen to be believed. I would also like to take this opportunity to sincerely thank

the Volunteers who are helping TEAM SICASA HYDERABAD in conducting various events. I would urge the students

to participate in the sports events in large numbers and make it a grand success.

Fiesta… the annual cultural event is planned on 10th December at Maruti Gardens and it is the time to show the

world that CA students also excel in Extra Curricular activities. Registrations for the events are in progress and

plethora of cultural events, Indoor Games are planned for you. Needless to say the food stalls organised and

managed by our own CA students will be serving delicious food and a very nominal rates. I request all of you to

participate in the event.

I am also happy to share with you that Hyderabad branch of SICASA & Hyderabad Branch of SIRC of ICAI will be

jointly hosting CA student’s conference to be organised by Board of studies on 5th & 6th January at Shilpa Kala

Vedika, Madhapur. The conference is named “Tomorrow” as we will be planning to conduct number of special

sessions on what awaits a prospective Chartered Accountant in the years to come. I urge all of you to spread this

message amongst your friends and request them to register at the earliest as we would be stopping registrations

at 2000. I would also like to invite students who wish to be volunteer’s for the conference as we are looking for

about 60 Volunteers. I assure you that it will be a Life Time experience for all of you.

I take this opportunity to wish you all a Merry Christmas and a very Happy New Year.

With Best Wishes,

Team SICASA 2017-18

Chairman’s Communiqué


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CYBER FORENSIC

BACKGROUND: The term "Forensic" means suitable for courts of justice or for public discussion and debate. It is one of the latest

means to facilitate the prevention, detection, investigation and successful prosecution of economic crime.

In particular, the application of accounting methods to track and collect the forensic evidence, usually for investigation

and prosecution of criminal acts such as embezzlement or fraud.

Forensic Audit

A forensic audit is an examination and evaluation of a firm's or individual's financial information which acts as

evidence in court of law. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or

other financial claims.

Forensic Accounting

The integration of accounting, auditing and investigative skills yields the specialty known as Forensic Accounting,

which encompasses both Litigation Support and Investigative Accounting.

Companies Act, 2013 has a significant impact on fighting and preventing frauds. U/S 245(1g) of new Companies Act,

2013, depositors and members of a company can claim damages from auditors, management and other consultants

for the wrongdoings by the company and its management. Many consultants and senior executives are expected to

become part of the certified community.

U/S 140 of Companies Act, 2013, the auditors and their firm would be jointly liable for any frauds in the books of

accounts and many auditors are likely to become forensic accountants in the days to come to avoid being caught on

the wrong foot.

U/S 177 of Companies Act, 2013, the audit committee will have the authority to investigate and the power to obtain

professional advice from external sources and have full access to information in the records of companies.

CYBER FORENSIC

One of the branches of forensic is cyber forensic.

Cyber forensic is the application of investigation and analysis techniques to

gather and preserve evidence from a particular computing device in a way

that is suitable for presentation in court of law. It is a branch of digital

forensic

ARTICLE


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Science pertaining to evidence found in computers and digital storage media. Cyber forensic is also known as

computer forensic.

The goal of cyber forensics is to examine digital media in a forensically sound manner with the aim of identifying,

preserving, recovering, analyzing and presenting facts and opinions about the digital information.

Although it is most often associated with the investigation of a wide variety of computer crime, computer forensics

may also be used in civil proceedings. The discipline involves similar techniques and principles to data recovery but

with additional guidelines and practices designed to create a legal audit

trail.

CYBER CRIME

Any illegal behavior committed by means of, or in relation to, a computer

or network, including such crimes as illegal possession and offering or

distributing information by means of computer system or network.

-any contract for the sale or conveyance of immovable property or any interest in such property;

-any such class of documents or transactions as may be notified by Central Government.

In India, there is a separate organisation where cyber forensic governs with the name Indian Forensic Organisation

(IFO). It is the only organisation dedicated in the fields of forensic science. It has a vision of changing the scenario of

forensics in India to one of the most advanced in the world. They intended to faster the process of civil/criminal justice

system for justice. The mission of IFO to strengthen the criminal justice system in India so the victim should not wait

for justice.

They are equipped with latest tools and technology to efficiently cope up with the current scenario of criminal

investigation system. One of the main pillars for advancement of forensic science is awareness among people and

society. They promote the use of forensic science in every possible way and in every related judicial matter, this will

improve the speed and quality of justice. IFO supports and encourages Research Scholars, scientists, experts from

various fields of financial statements.

Certified Cyber Forensic Profession

The Certified Cyber Forensic Profession (CCFP) indicates expertise in forensic techniques and procedures,

standards of practice and legal & ethical principles to assure accurate, complete and reliable digital evidence

admissible in the court of law. It also indicates the ability to apply forensics to other information security disciplines

such as e-discovery, malware analysis, or incident response.

CCFP addresses more experienced cyber forensic professionals who already have the proficiency and perspective

to efficiently apply their cyber forensics expertise to a variety of challenges. In fact, many new CCFP professionals

likely hold one or more other digital forensics certifications. The following are the varied applications of cyber

forensics:


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-Digital forensic examiners in law enforcement to support criminal investigations

-Cyber-crime and cyber security professionals working in public or private sectors

-Cyber forensic engineers and managers working in corporate information security

-Digital forensic and e-discovery consultants focused on litigation support

-Computer forensic consultants working for management or specially consulting firms.

The council of Institute of Chartered Accountants of India, recognising the need for forensic accounting and fraud

detection in the emerging economic scenario has decided to launch a certificate course on subject. Demand for

forensic accounting and fraud detection specialisation in increasing, considering the rising incidents of cyber-crimes

and fraud detection.

COMPUTER FORENSIC: A VALUABLE AUDIT TOOL.

Although computer forensics is a valuable tool for investigating cases involving

fraud, many auditors are still unaware of the proper ways to conduct a forensic

investigation and ways to ensure evidence is ready to be used in court.

Identify sources of documentary or other digital evidence.

Preserve the evidence.

Analyze the evidence.

Present the findings.

Computer forensics is done in a fashion that adheres to the standards of evidence that are admissible in a court of

law. Thus, computer forensics must be techno-legal in nature rather than purely technical or purely legal.

Electronic evidence considerations

Electronic evidence can be collected from a variety of sources. Within a company’s network, evidence will be found in

any form of technology that can be used to transmit or store data. Evidence should be collected through three parts

of an offender’s network: at the workstation of the offender, on the server accessed by the offender, and on the

network that connects the two. Investigators can therefore use three different sources to confirm of the data’s origin.

Data breaches, hacking attacks, viruses and insider threats are some of the security issues many companies face on

daily bases. Besides employing preventive measures, such as the use of firewall and intrusion detection devices to

prevent data breaches. Many organisations around the world have been using computer forensics to identify

instances of computer misuse and illegal intrusions. To do the forensic audit the auditor should go with the following

process.

Forensic investigate Analysing the results

Acquiring the evidence Reporting results


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Forensic Investigate: The goal is to identify exactly what happened on a digital system and who was responsible

through a structured, investigate approach. It covers all areas of computer misuse, including fraud, internet and e-

mail abuse, hacking as well as accidental detection or alteration of data.

Acquiring the evidence: The process of securing or acquiring evidence starts with previewing the contents of a

computer’s hard drive or other media. To acquire the electronic data including deleted information, the storage device

must be mirrored or duplicated exactly bit by bit.

Analyzing the results: Here the auditor acquires the evidence. As every case is different, auditor need to fully train

when conducting a data analysis, or they should recommended a trainer forensic examiner performs. The evaluation

if they lack the professional training to do so. To analyse he evidence auditors should use the working copy of

retrieved, deleted, electronic data only including files and folders.

Reporting results: The final phase of the forensic examination is creating the reports and reporting the evidence.

Final reports of the investigation should include a list of all the evidence gathered, a copy of printed documents listed

as appendix, and an executive summary. If need arises the auditor should provide interim reports. These are also act

as evidence in court of law.

CASE STUDY:

A new start-up SME (Small-Medium Enterprise) based in Luton with an E-government model has recently begun to

notice anomalies in its accounting and product records. It has undertaken an initial check of system log files, and

there are a number of suspicious entries and IP addresses with a large amount of data being sent outside the

company firewall. They have also recently received a number of customer complaints saying that there is often a

strange message displayed during order re-directed to a payment page that does not look legitimate.

The company makes use of a general purpose e-business package (OS Commerce) and has a small team of six IT

support professionals, but they do not feel that they have the expertise to carry out a full scale malware/forensic

investigation.

As there is increased competition in the hi-tech domain, the company is anxious to ensure that their systems are

not being compromised, and they have employed a digital forensic investigator to determine whether a malicious

activity has taken place and to ensure that there is no malware within their systems.

The team also wants to carry out a digital forensics investigation to see whether they can trace the cause of the

problems, and if necessary to prepare a case against the perpetrators.

The company uses Windows Sever NT for its servers. Patches are applied by the IT support team on a monthly

basis, but the team has noticed that a number of machines do not seem to have been patched.

THANK YOU

-Compiled by HARSHITHA

SRO0413770

Success is where PREPARATION and OPPORTUNITY meet


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Invitation for Articles from CA Students For publication in SICASA-Hyderabad E-News letter

Articles are invited topics of interest to the CA Profession and the

CA student community from students The Paper presentation

(Maximum of 2000 Words) should be received latest by 20th of the

preceding month for being published in the subsequent month.

*Students may note that the presentation is original in all respects

and does not infringe any copyright and has been published

elsewhere or has been sent for publication.

Discontinuation of Students Learning Management System (LMS)

The Board of Studies in its continuous endeavor to facilitate students in learning anytime and anywhere by leveraging technology, has been offering video lectures for all the three levels of CA Course since 2014. They were started as a supplement to the e-Lectures already being provided through Students Learning Management System (LMS) but later, they almost became a substitute as they were making use of newer and more innovative technologies. Initially, the video lectures aimed at explaining practical problems/ illustrations on a blackboard setup, for practical problem-solving subjects. In 2017, the initiative for recording video lectures for theoretical subjects was also started which raised video lectures as a sheer replacement for e-Lectures. The work on video lectures for new scheme has also started with lectures uploaded for around 40% of the topics . Considering the huge popularity and appeal of the video lectures, and the fact that e-Lectures have almost become redundant, it has been decided to discontinue the facility of Students LMS from December, 2017. Lately, the Board of Studies has launched e-Books for the new scheme of education and training, on Digital Learning Hub which contains the study material currently. In near future, it is proposed to enhance the e-Books with integrated video lectures, Multiple Choice Questions (MCQs) and other resources, which would surely be a great learning asset for the student fraternity . Students are advised to take advantage of video lectures and e-Books for their learning requirements in order to succeed in their forthcoming examination.

ANNOUNCEMENTS


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Upcoming Events

On 10th December, 2017 @ Maruthi Gardens, Lakdikapool, Hyd.


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GALLERY

Glimpse of WORLD ACCOUNTANCY EDUCATION DAY Celebrations


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BASKETBALL CHAMPIONS

SICASA SPORTS CARNIVAL – III

Badminton Champions (Women) Singles & Doubles

Badminton Champions (Men) Singles & Doubles


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SICASA SPORTS CARNIVAL – III Beach Sand Volleyball Champions

SICASA SPORTS CARNIVAL – III Football Champions


Bowling Champions


Table Tennis Champions


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Note:

The views expressed by contributors in this E-Newsletter do not necessarily reflect the opinion of SICASA Hyderabad.

Material in this publication may not be reproduced, whether in part or in whole, without the consent of SICASA-Hyd.

This E-Newsletter was Published by Hyderabad Branch of SICASA, ICAI Bhawan, 11-398/C, Red hills, Hyderabad-04,

Contact: 23393182, email: [email protected]; website: www.hydicai.org

TEAM

SICASA

2017-18

A Prospective

project of

SICASA - Hyderabad

Theme: Nurturing Values & Integrity -

Attaining Excellence in Professional Pursuits.

CA STUDENTS’ CONFERENCE at Hyderabad

http://www.hydicai.org/

Documents

Students) HYDERABAD BRANCH OF SICASA - …hydsicasa.org/wp-content/uploads/2018/02/December-2017.pdf · CCFP addresses more experienced cyber forensic professionals who already have